Wa’ed startup grants reach $9.59m at Madinah roadshow

Wa’ed startup grants reach $9.59m at Madinah roadshow

RIYADH: Wa'ed, the entrepreneurship arm of Aramco, has allocated up to SR8.1 million ($2.15 million) in new seed grants, loans, and VC investments for six Saudi startups during its fifth roadshow stop in Madinah. The amount includes Wa'eds SR1.9 million venture capital fund in Qreeb, a Saudi-based and ISO-certified e-procurement startup. The fifth stop was organized in partnership with Namaa Almunawara, the executive arm of the non-profit Waqf Almunawara. Saudi startups from two emerging sectors  supply chain, hospitality and tourism  participated in the event.  “As we approach our final stop of the roadshow, we are reminded of the incredible innovations that the Saudi entrepreneurs continue to present forward. Our role at Wa’ed is to build the needed support system for those entrepreneurs as they lead a wave of change to reshape our national economy,” said Fahad Alidi, managing director at Wa’ed. During the event, Wa’ed announced its SR1.9 million VC investment in Qreeb, a digital facility management and e-procurement startup that offers a unified traceable communication platform that connects service providers with registered clients. Wa’ed also selected two Saudi-based companies to receive loan agreements including TAP, the telemedicine logistics company providing at-home healthcare and medicine delivery services,